That the figure could rise to to $99 billion as more information becomes available, according to the data provider Preqin. That would make it the strongest first quarter for fundraising since the start of 2008.

During the period, a strong market in North America helped offset a slowdown in Europe, where big firms finished fundraising efforts in 2016.

North American-focused funds - including the latest flagship vehicle from KKR -recorded $62 billion in investor commitments, according to Preqin. In Europe, however, the $12 billion raised was a notable drop from $33 billion figure from the first quarter of 2016.

The money pouring into private equity means the industry is now sitting on a record $842 billion of uninvested capital.